Core Insights - Duos Technologies Group, Inc. has successfully closed an Asset Management Agreement with Fortress Investment Group, involving a fleet of 30 mobile gas-powered turbines capable of generating 850 megawatts of power, estimated to generate $42 million in revenue over two years and a 5% equity stake in the new venture [1][2][4] Group 1: Partnership and Asset Management - The assets will be managed in partnership with Fortress, providing a fast-track solution to meet urgent energy demands in critical sectors such as data centers [2][3] - The transaction was finalized on December 31, 2024, after fulfilling customary closing conditions and regulatory approvals [2] Group 2: Strategic Focus and Market Demand - Duos Energy Corporation, a subsidiary of Duos Technologies, will oversee the management and deployment of the turbine fleet to address growing energy demands across various sectors [3][5] - The company is actively engaging with U.S.-based data center developers and international energy projects for immediate deployment of the turbines, emphasizing its mission to deliver agile and scalable energy solutions [5] Group 3: Company Background - Duos Energy Corporation specializes in developing, owning, and operating sustainable energy projects, focusing on clean-burning natural gas generation and rapid deployment of off-grid power plants [6] - Fortress Investment Group manages $49 billion in assets as of September 30, 2024, serving approximately 2,000 institutional clients and private investors globally [7]

Core Insights - Duos Technologies Group, Inc. is partnering with Pampa Economic Development Corporation and Pampa Energy Center to develop high-density Data Center Development Parks in Pampa, Texas, utilizing up to 500MW of natural gas self-generation and 200MW of wind turbine generation [1][2][3] Company Overview - Duos Edge AI, a subsidiary of Duos Technologies, specializes in deploying adaptive and scalable data center solutions, aiming to support four 50MW high-density data centers in Pampa [2][9] - Duos Energy Corporation focuses on sustainable energy projects, providing rapid deployment of dedicated off-grid power plants, and has signed an agreement to manage 850MW of mobile gas turbines [4][10] Economic Impact - The project is expected to transform Pampa's infrastructure, create jobs, and drive technological and economic growth, positioning Pampa as a leader in the High-Density Data Center landscape [1][3][7] - The partnership is seen as a significant step towards diversifying Pampa's commercial and industrial base, leveraging its location in the heart of the wind energy sector for economic growth [7][8] Project Timeline - The first 50MW high-density data center is planned to be operational by the end of 2025, with the project covering over 500 acres [2][4]

Revenue Growth - Total revenue for Q3 2024 increased 112% to $3.24 million compared to $1.53 million in Q3 2023, with approximately $1.685 million from technology systems and $1.55 million from recurring services and consulting[6] - Total revenues for the three months ended September 30, 2024, increased to $3,238,910, a 111.1% increase from $1,530,923 in the same period of 2023[29] - Technology systems revenue rose to $1,686,456, up 138% from $705,849 year-over-year, while services and consulting revenue increased to $1,552,454, up 88% from $825,074[29] Profitability and Loss - Gross margin for Q3 2024 increased 306% to $919,000 compared to $226,000 in Q3 2023, primarily due to a change order related to high-speed Railcar Inspection Portals[8] - The net loss for the three months ended September 30, 2024, was $(1,401,663), an improvement from $(2,947,736) in the same period of 2023[29] - Net loss for Q3 2024 totaled $1.40 million, a 53% decrease from a net loss of $2.95 million in Q3 2023, driven by increased revenues and reduced operating costs[11] Operating Expenses - Operating expenses for Q3 2024 decreased 11% to $2.84 million compared to $3.20 million in Q3 2023, attributed to reductions in development and administrative costs[9] - Total operating expenses decreased to $2,839,379 for the three months ended September 30, 2024, down from $3,197,565 in the same period of 2023, a reduction of 11.2%[29] Cash and Assets - Cash and cash equivalents at September 30, 2024, totaled $0.65 million, down from $2.44 million at December 31, 2023, with over $2.21 million in receivables and contract assets[12] - Total assets increased to $22,024,867 as of September 30, 2024, compared to $12,842,285 at the end of 2023, reflecting growth in the company's asset base[32] - Cash and cash equivalents decreased to $613,594 as of September 30, 2024, down from $2,441,842 at the end of 2023[32] Liabilities - Total liabilities rose to $19,512,398 as of September 30, 2024, compared to $7,475,771 at the end of 2023, indicating increased financial obligations[32] - Accounts payable increased significantly to $1,131,552 from a negative $1,670,625 in the previous year[35] Future Outlook - The company anticipates improved operating results over the next 12 months due to new initiatives and market opportunities[21] - The company expects to provide further updates on growth, particularly in 2025 and beyond, as new businesses and market opportunities are established[22] Other Financial Metrics - The company reported a basic and diluted net loss per share of $(0.18) for the three months ended September 30, 2024, compared to $(0.41) in the same period of 2023[29] - Net loss for the nine months ended September 30, 2024, was $7,358,143, compared to a net loss of $8,080,819 for the same period in 2023, indicating an improvement[35] - Net cash used in operating activities increased to $6,200,147 for the nine months ended September 30, 2024, from $5,637,072 in the prior year[35] - Net cash used in investing activities was $1,555,544, up from $898,435 in the same period last year[35] - Net cash provided by financing activities was $5,959,962, a decrease from $8,681,331 in the previous year[35] - The company reported a depreciation and amortization adjustment of $1,472,965 for the nine months ended September 30, 2024, compared to $393,057 in the prior year[35] - The company issued $2,995,002 in preferred stock during the period, compared to $9,000,000 in the previous year[35] - The company reported a gain on settlement of warrant liabilities amounting to $379,626[35] - The company had a significant increase in inventory, with a change of $197,777 compared to a decrease of $97,552 in the previous year[35] Railcar Scanning - The company performed over 2.3 million railcar scans across 13 portals, scanning more than 379,000 unique railcars, representing approximately 24% of the total freight car population in North America[4]

Duos Technologies Group, Inc. (NASDAQ:DUOT) Q3 2024 Earnings Conference Call November 20, 2024 4:00 PM ET Company Participants Chuck Ferry - Chief Executive Officer Adrian Goldfarb - Chief Financial Officer Conference Call Participants Mike Latimore - Northland Capital Markets Ed Woo - Ascendiant Capital Markets Dan Weston - WestCap Management Operator Good afternoon. Welcome to Duos Technologies' Third Quarter 2024 Earnings Conference Call. Joining us for today's call are Duos' CEO, Chuck Ferry, and CFO, A ...

JACKSONVILLE, Fla., Nov. 20, 2024 (GLOBE NEWSWIRE) -- Duos Technologies Group, Inc. (“Duos” or the “Company”) (Nasdaq: DUOT), is pleased to announce that its operating subsidiary Duos Energy Corporation has signed a two-year Asset Management Agreement (“AMA”) to deploy and operate a fleet of mobile gas turbines and balance-of-plant inventory (“the portfolio” or “the assets”) that has a combined generation capacity of 850 megawatts. The AMA has been signed with affiliates of Fortress Investment Group (“Fortr ...

Duos Technologies Group, Inc. (DUOT) came out with a quarterly loss of $0.24 per share versus the Zacks Consensus Estimate of a loss of $0.25. This compares to loss of $0.41 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 4%. A quarter ago, it was expected that this company would post a loss of $0.31 per share when it actually produced a loss of $0.43, delivering a surprise of -38.71%.Over the last four quarters, the company h ...

JACKSONVILLE, Fla., Nov. 19, 2024 (GLOBE NEWSWIRE) -- Duos Technologies Group, Inc. (“Duos” or the “Company”) (Nasdaq: DUOT), reported financial results for the third quarter (“Q3 2024”) ended September 30, 2024. Third Quarter 2024 and Recent Operational Highlights Delivered and installed Edge Data Center for Amtrak at the Secaucus location. Construction work continues at the site. Received more than $1.4 million in contract modifications at Amtrak including renewal of the subscription utilizing three port ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number 000-55497 Duos Technologies Group, Inc. (Exact name of registrant as specified in its charter) Florida 65 ...

Duos Technologies to Present at the LD Micro Main Event XVIIPresentation Scheduled for Wednesday, October 30th at 2:30 PM PTOctober 22, 2024 8:00 AM EDT | Source: LD MicroJacksonville, Florida--(Newsfile Corp. - October 22, 2024) - Duos Technologies Group, Inc. (NASDAQ: DUOT) ("Duos" or the "Company"), today announced its participation in the 17th annual LD Micro Main Event. Adrian Goldfarb, the Company's CFO, will present on Wednesday, October 30th, at 2:30 PM PT at the Luxe Sunset Boulevard ...

Canadian National Railway Company (CNI) has entered into a five-year agreement with Duos Technologies Group (DUOT) for Artificial Intelligence or AI rail safety data. The deal makes DUOT eligible to offer a subscription-based safety data service to railcar owners and shippers using CNI's network. In a bid to augment its manual inspection processes, Canadian National has been making use of Machine Vision/AI Wayside Detection technology across its routes in Canada and the United States for five years. Through ...